Economy

Radiofarda – Iran on April 29 announced the establishment of a company designed to match a mechanism European countries have set up to facilitate trade despite U.S. sanctions. Earlier on March 20, the Governor of Central Bank of Iran (CBI) Abdolnaser Hemmati had announced that a mechanism similar to Europe’s Instrument for Trade and Exchanges (INSTEX) has been registered. The mechanism, …

Iran-HRM – May Day is the day to defend justice, equality and human rights for workers on whose toil and efforts, the society’s welfare and happiness depend. In Iran, however, the grim working conditions of workers do not comply with any international norms or standards, let alone the more advanced ILO conventions and protocols. Workers’ rights are systematically violated. With the …

RFL/RE – Iran will continue to export oil despite increasing pressure by Washington, Iranian President Hassan Rohani said in a speech broadcast live by state TV on April 30.“In future months, the Americans themselves will see that we will continue our oil exports,” Rohani said.“America’s decision that Iran’s oil exports must reach zero is a wrong and mistaken decision, and …

VOA – The International Monetary Fund is forecasting Iran’s economy to shrink by 6% this year as it faces pressure from U.S. sanctions. In a report released Monday, the IMF said its estimates for Iran, which include the potential for inflation to top 40%, predate a U.S. decision to end waivers that have allowed some Iranian oil buyers to continue …

gatestoneinstitute – “The golden days are gone and will never return. Iran doesn’t have enough money to give us.” — A militant with an Iranian-backed militia in Syria, New York Times, March 26, 2019. Feeling the pressure of sanctions on Iran, Hassan Nasrallah, the leader of Iran’s proxy, Hezbollah, has also called on his group’s fundraising arm “to provide the opportunity for jihad …

Radiofarda – A senior adviser to Iran’s Ministry of Health has warned that the country’s population is aging fast and in 20 years 20 percent of the population will be made up of senior citizens. Mohammad Esmaeel Akbari told local media that Iran’s population growth has slowed and until 2050 Iranian population will become one of the world’s oldest. Although …

Al-Monitor – There is an Iranian proverb that goes, “You can tell a good year from its spring.” Judging from the massive damage caused by the recent floods in Iran, one has to conclude that the new Iranian year (beginning March 21) will be a bad one for the economy. The economic consequence of the recent floods will include a …

VOA – Oil prices reached a six-month high Tuesday after the Trump administration announced it would no longer exempt countries from U.S. sanctions, if they continue to buy Iranian crude oil, a move aimed at imposing a complete oil embargo on Iran. Waivers granted to eight countries, including big Iranian crude importers China, India, Japan, Turkey and South Korea, are …

Radiofarda – Iran’s latest monthly inflation rate has hit 51.4 percent, according to the Iranian Statistical Center (ISC). The first month of the Iranian year (March 21-April 20) showed a more than 50 percent rise in prices compared to the same month last year. ISC also reported that the inflation rate in the past 12 months reached 30.6 percent. This …

Radiofarda – Iran’s Plan and Budget Organization (PBO) says that during the current year, the country’s hidden and direct subsidies is estimated to reach 8,900 trillion rials, or $63.7 billion, based on the current USD rate in open market which stands at around 140,000 rials. If the subsidy is calculated based on the official government exchange rate, the amount will …